CNX-NIFTY
Open-8110.10—High-8124.10---Low—8062.75—Close—8082.40
on
20-12-2016
Support:- 8056.85/8002.25/7992/7952.55/7946/7935/7927/7916.40/7897/7859/7807/7735-7714.
Resistance:- 8121.95/8126/8139.45/8224.50/8230.65/8244/8257.42/8261.75/8274.95/8300/8337.90/8371/8402/8445/8476.70/8489/8506/8518/8540-8555/8598.45.
It behaved as
expected and went down (see my post of 19-12-2016) and almost tested its recent
important bottom of 8056.85 today, but managed to close above it. Since it has
been falling for last five days and tested the important bottom of 8056.85 so
if it holds it then it may have a short to moderate up move for a day or two
before it start falling again, because looking at the overall technical structure
fall seems inevitable in coming days/weeks as of now.
The trend is
down furthermore it is running below its previous week low of 8121.95 which makes
it further weak, the range of 8121.95—8140 is very tough to cross for the week
therefore it is suggested to avoid long call below 8140 and below 8121.95 for
sure, but in view of the above observation aggressive day trader can try long
call if it sustain above 8085 today with a stop loss of below 8050, but it
could be a risky trade mind you. Short call can be tried near 8121 with a stop
loss of above 8140 or sell below 8056 with a stop loss of above 8085 for a
target of 8000/7992/7952.
Remark: - The uptrend is severely threatened and
it is already in the downtrend now. In view of the above it is suggested to
avoid long call for an anticipated small up move because it can trap you
unaware, instead short call can be tried as suggested above. The overall
technical setup is bearish.
Disclaimer:-The view expressed
here are solely of the author and he is not at all responsible in any way for
the outcome of the trade you enter based on the above view.
Kindly note that make your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO
NOT TRADE WITHOUT STOP LOSS.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit
trade.
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Thank you for sharing your views.